NEW YORK (MarketWatch) -- Men's Wearhouse, having received an unsolicited $2.3 billion bid from its smaller rival Jos. A. Bank, said it decided to reject the $48-per-share offer. It said the deal "significantly undervalues Men's Wearhouse and its "strong prospects for continued growth and value creation." "We believe Jos. A. Bank's unsolicited proposal is opportunistic, subject to unacceptable risks and contingencies, and would deprive our shareholders of the value inherent in Men's Wearhouse for inadequate consideration," said Bill Sechrest, Lead Director of the Board. Men's Wearhouse (MW) stock pared back its earlier gain to reflect a 36% premium, and most recently rose 24% in pre-market trading. Jos. A. Bank (JOSB) was up 5.3% after having jumped 10%.
-Andria Cheng; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
10-09-13 0916ETCopyright (c) 2013 Dow Jones & Company, Inc.
|UPDATE: Men's Wearhouse rejects Jos. A. Bank; stocks rise ()|
|Jos. A. Bank Drops Bid for Men's Wearhouse (2013/11/15)|
|Men's Wearhouse Welcomes Jos. A. Bank's Invitation to Conduct Due Diligence (2014/2/28)|
|Eminence Capital Announces Strong Support For New Bid By The Men's Wearhouse For Jos. A. Bank ()|
|Men's Wearhouse Extends Jos. A. Bank Deadline (2014/4/10)|
|Men's Wearhouse ups Jos. A. Bank offer to $63.50 (2014/2/24)|
|Jos. A. Bank Rejects Bid from Men's Wearhouse ()|
|Men's Wearhouse Comments On Jos. A. Bank's Rejection Of Its All Cash Acquisition Proposal (2013/12/23)|
|Jos. A. Bank Board Rejects $63.50 Per Share Tender Offer; Agrees to Meet With The Men's Wearhouse-Willing to Consider a Higher Price (2014/2/27)|
|Men's Wearhouse Makes Bid for Jos. A. Bank ()|
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